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HYDE PARK CAPITAL                 Investment Banking | Mergers & Acquisitions | Capital Raising

John Hill
Senior Managing Director
hill@hydeparkcapital.com
(813) 383-0205

John McDonald
Senior Managing Director
                                                                                                   Technology
mcdonald@hydeparkcapital.com
(813) 383-0206                                                                                    M&A Report
Keith Hodgdon                                                                                          Q2 2012
Senior Vice President
hodgdon@hydeparkcapital.com
(813) 383-0208

Jeffrey Bridge
Vice President
bridge@hydeparkcapital.com
(813) 383-0204

Michael Mariani
Associate
mariani@hydeparkcapital.com
(813) 597-2649

Jennifer Paul
Associate
paul@hydeparkcapital.com
(813) 383-0203


Hyde Park Capital Advisors, LLC
     701 N. Franklin Street
       Tampa, FL 33602
      Tel: 813-383-0202
    www.hydeparkcapital.com
                                  Member FINRA/SIPC
Capital Markets Overview
                                                 Commentary                                                               Select Initial Public Offerings – Technology (Q2 2012)
                                                                                                             ($ in millions)                                                                                Transaction
       As of June 30, 2012 major market indices including the S&P 500                                       Offer Date        Issuer                                        Industry Sector                  Value
        and Nasdaq, increased 3.1% and 5.8%, respectively, over the 12-                                      05/17/12          Facebook, Inc. (NasdaqGS:FB)                  Internet                               $16,007
        month period, while the S&P Global Information Technology index
        outperformed the overall market, increasing 6.1% over the same                                       04/18/12          Splunk, Inc. (NasdaqGS:SPLK)                  Software                                 $230
        period.
                                                                                                             06/28/12          ServiceNow, Inc. (NYSE:NOW)                   Software                                 $210
       Technology companies continue to account for the majority of the
        initial public offerings (“IPOs”) in the U.S. As detailed in the table on                            04/19/12          Infoblox, Inc. (NYSE:BLOX)                    Software                                 $120
        the right, eight IPOs were completed by companies in the
        Technology industry during Q2 2012, including the anticipated                                        05/09/12          Audience, Inc. (NasdaqGS:ADNC)                Technology Hardware                       $90

        debut of Facebook, Inc.
                                                                                                             04/19/12          Proofpoint, Inc. (NasdaqGM:PFPT)              Software                                  $82

       The Software-as-a-Service (SaaS) sector was the strongest
        performing sector in terms of valuation during the 2nd quarter,                                      04/24/12          Envivio, Inc. (NasdaqGS:ENVI)                 Software                                  $70

        trading at LTM revenue and EBITDA multiples of 4.0x and 23.7x,
                                                                                                             06/28/12          Exa Corp. (NasdaqGM:EXA)                      Software                                  $63
        respectively.

                           Public Market Performance (LTM)                                                                                Market Performance by Sector

130%
                                                                                                                                                                                                   Median
120%                                                                                                                                                        Change in Stock Price       Enterprise Value / LTM
                                                                                                      6.1%
                                                                                                                Industry Sector                             3 Months 12 months          Revenue        EBITDA
110%                                                                                                            Enterprise Software                            (5.6%)    (5.4%)           3.4x              11.5x
                                                                                                      5.8%
                                                                                                                Software-as-a-Service (SaaS)                   (7.3%)     0.3%            4.0x              23.7x
100%
                                                                                                      3.1%      Infrastructure Software                       (11.4%)    (5.8%)           3.1x              12.4x

90%                                                                                                             Informatics & Data Services                    (6.7%)    (6.0%)           2.4x              10.1x

                                                                                                                Internet                                       (1.5%)     9.3%            1.9x              10.6x
80%
                                                                                                                IT Services                                    (9.2%)    (7.4%)           1.4x               9.1x
70%                                                                                                             Technology Hardware                           (10.1%)    19.8%            0.8x               5.5x
  Jun-11                      Sep-11                Dec-11                  Mar-12           Jun-12

                     Nasdaq            S&P 500     S&P Global Information Technology Index
  Source: S&P Capital IQ


           HYDE PARK CAPITAL                                                                                                                                                                                           2
           Investment Banking | Mergers & Acquisitions | Capital Raising
Annual Middle Market M&A Activity – Technology
                                                                 Commentary                                                                                                                                           Middle Market Purchase Multiples

                           As detailed in the charts below, overall U.S. middle market M&A                                                                                                  35.0x                                                                                                             3.5x

                            activity, or deal volume, in the Technology industry decreased in the
                                                                                                                                                                                             30.0x                                                                                                             3.0x
                            1st half of 2012 to 117 closed transactions, a 32% decrease from 1H                                                                                                                        2.6x
                                                                                                                                                                                                                                                                                                       2.8x
                                                                                                                                                                                                                                                                                             2.6x
                            2011.




                                                                                                                                                                                                                                                                                                                      Enterprise Value / Revenue
                                                                                                                                                   Enterprise Value / EBITDA
                                                                                                                                                                                                                              2.5x
                                                                                                                                                                                             25.0x                                      2.4x                                         2.4x                      2.5x
                                                                                                                                                                                                       2.3x                                         2.3x       2.3x

                           During 1H 2012 the total value of completed M&A transactions in                                                                                                  20.0x            1.8x
                                                                                                                                                                                                                                                                          1.9x
                                                                                                                                                                                                                                                                                                               2.0x
                            the Technology industry dropped 30% to $15.7 billion from $22.4
                            billion in the prior year period.                                                                                                                                15.0x
                                                                                                                                                                                                                                       32.2x
                                                                                                                                                                                                                                                                                                               1.5x
                                                                                                                                                                                                                              25.8x                           26.4x
                                                                                                                                                                                                                                                23.0x
                           Despite the decline in M&A activity, transaction pricing or purchase                                                                                             10.0x                                                                                   19.9x
                                                                                                                                                                                                                                                                                             21.5x
                                                                                                                                                                                                                                                                                                               1.0x
                                                                                                                                                                                                      18.2x                                                                                           17.5x
                            multiples, defined as Enterprise Value over revenue and Enterprise                                                                                                                13.6x
                                                                                                                                                                                                                      16.5x                                               15.7x

                            Value over EBITDA, remained strong from a historical perspective                                                                                                  5.0x                                                                                                             0.5x

                            at an average of 2.8x and 17.5x, respectively, for completed middle
                            market transactions across the Technology industry in the 1st half of                                                                                             0.0x
                                                                                                                                                                                                      2002    2003    2004    2005     2006     2007          2008        2009       2010    2011    1H 2012
                                                                                                                                                                                                                                                                                                               0.0x

                            2012.                                                                                                                                                                                                     EV / EBITDA          EV / Revenue



                           U.S. Middle Market M&A Activity – Annual Trends: VOLUME                                                                                                                   U.S. Middle Market M&A Activity – Annual Trends: VALUE




                                                                                                                                                   Total Transaction Value ($ in billions)
Total Transaction Volume




                                                   Less than $100M             $100 - $499M             $500 - $1,000M                                                                                                  Less than $100M             $100 - $499M                  $500 - $1,000M
                   Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion)


                             HYDE PARK CAPITAL                                                                                                                                                                                                                                                                  3
                             Investment Banking | Mergers & Acquisitions | Capital Raising
Quarterly Middle Market M&A Activity – Technology
                                                                 Commentary                                                                                                                   Middle Market M&A Transactions by Deal Size – Technology

                            As detailed in the table on the right, Technology M&A transaction                                                                                        ($ in billions)
                             volume and value decreased year-over-year across all segments of
                             the middle market during the 2nd quarter of 2012.                                                                                                                                              Q2 2011                   Q2 2012              % Change
                                                                                                                                                                                             Deal Size                Volume         Value       Volume     Value      Volume    Value
                            The total volume of completed middle market Technology deals                                                                                                    Less than $100M                50          $1.7           39       $1.4     (22%)   (17%)
                             (transactions valued at less than $1 billion) declined 30% in Q2                                                                                                $100 - $499M                   27          $6.2           14       $3.1     (48%)   (50%)
                             2012 versus the prior year period, while total middle market deal                                                                                               $500 - $1,000M                  5          $3.6            4       $3.1     (20%)   (16%)

                             value fell 34% to $7.6 billion during the quarter.                                                                                                              Total Middle Market           82         $11.5           57        $7.6    (30%)    (34%)
                                                                                                                                                                                             % of Total Market
                            Transactions valued at less than $100 million represented                                                                                                       Less than $100M             61%           15%           68%        19%
                             approximately 68% of the total number of closed deals in Q2 2012.                                                                                               $100 - $499M                33%           53%           25%        41%
                                                                                                                                                                                             $500 - $1,000M               6%           32%            7%        40%
                            Despite representing less than 35% of the total deal volume in Q2                                                                                               Total Middle Market        100%          100%         100%     100%
                             2012, transactions valued between $100 million and $1 billion
                             accounted for more than 80% of the total deal value during the
                             quarter.
                           U.S. Middle Market M&A Activity – Quarterly Trends: VOLUME                                                                                                         U.S. Middle Market M&A Activity – Quarterly Trends: VALUE




                                                                                                                                                   Total Transaction Value ($ in billions)
Total Transaction Volume




                                                   Less than $100M             $100 - $499M             $500 - $1,000M                                                                                             Less than $100M           $100 - $499M       $500 - $1,000M
                   Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion)


                              HYDE PARK CAPITAL                                                                                                                                                                                                                                          4
                              Investment Banking | Mergers & Acquisitions | Capital Raising
Recent M&A Activity – Technology
                 Select Announced M&A Transactions (Q2 2012)
                                                                                                                                     Enterprise    EV /      EV /
Announced Date            Target                                         Industry Sector       Buyer                                Value ($mm)   Revenue   EBITDA
06/28/2012                Open E Cry, LLC                                Internet              GAIN Capital Group                         $12.0     0.9x      NA
06/27/2012                Active Internet Technologies, LLC              Internet              Spectrum Equity Investors                  $55.0      NA       NA
06/25/2012                Quest Software, Inc.                           Software              Dell, Inc.                              $2,407.7     2.7x    15.0x
                          Fidelity National Information Services, Inc.
06/25/2012                                                               Software              Lightyear Capital                         $335.0      NA       NA
                          (Healthcare Benefit Solutions Business)
06/21/2012                Savings.com, Inc.                              Internet              Cox Target Media, Inc.                    $100.0      NA       NA
06/21/2012                Brand.net, Inc.                                Internet              Valassis Communications, Inc.              $18.0      NA       NA
06/20/2012                Wavelink Corp.                                 Software              LANDesk Software, Inc.                     $82.0      NA       NA
06/18/2012                Network Engines, Inc.                          Technology Hardware   UNICOM Systems, Inc.                       $55.3     0.2x     5.1x
06/18/2012                Network Equipment Technologies, Inc.           Technology Hardware   Sonus Networks, Inc.                       $42.4     0.8x     NM
06/15/2012                Yammer, Inc.                                   Internet              Microsoft Corp.                         $1,200.0      NA       NA
06/13/2012                SinglePlatform Corp.                           Internet              Constant Contact, Inc.                     $95.0      NA       NA
06/13/2012                Integrated Export Systems, Ltd.                Software              The Descartes Systems Group, Inc.          $34.2      NA       NA
06/12/2012                GlobalSpec, Inc.                               Internet              HIS, Inc.                                 $135.0      NA       NA
06/11/2012                Vital Support Systems, LLC                     IT Services           TDS Hosted & Managed Services, LLC         $45.0     0.6x      NA
06/07/2012                Bytemobile, Inc.                               Internet              Citrix Systems International Gmbh         $435.0      NA       NA
06/05/2012                PlanetSoft, Inc.                               Software              Ebix, Inc.                                 $40.0      NA       NA
06/04/2012                Buddy Media, Inc.                              Internet              Salesforce.com                            $745.0      NA       NA
06/01/2012                Nascent Systems, LP                            IT Services           Perficient, Inc.                           $18.1     1.1x      NA
05/30/2012                Clarus Systems, Inc.                           Software              OPNET Technologies, Inc.                   $11.7      NA       NA
05/29/2012                LeCroy Corp.                                   Technology Hardware   Teledyne Technologies, Inc.               $291.7     1.5x     8.9x
05/24/2012                PowerReviews, Inc.                             Software              Bazaarvoice, Inc.                         $127.8    11.1x      NA
05/22/2012                Ariba, Inc.                                    Software              SAP AG                                  $4,411.4     8.8x     NM
05/22/2012                EDGAR Online, Inc.                             Internet              R.R. Donnelley & Sons Co.                  $71.2     2.3x     NM
05/14/2012                Tii Network Technologies, Inc.                 Technology Hardware   Kelta, Inc.                                $28.1     0.5x    11.1x
05/11/2012                Xedar Corp.                                    Software              HIS, Inc.                                  $28.0      NA       NA
05/10/2012                Spectralink Corp.                              Technology Hardware   Sun Capital Partners                      $114.0     1.2x      NA
05/09/2012                AssetNation, Inc.                              Internet              Ritchie Bros. Auctioneers, Inc.            $64.0      NA       NA
05/07/2012                Anue Systems, Inc.                             Technology Hardware   Ixia                                      $145.0     3.0x      NA
05/07/2012                SpeechCycle, Inc.                              Internet              Synchronoss Technologies, Inc.             $38.0      NA       NA

 Source: S&P Capital IQ


         HYDE PARK CAPITAL                                                                                                                                          5
         Investment Banking | Mergers & Acquisitions | Capital Raising
Recent M&A Activity – Technology
                 Select Announced M&A Transactions (Q2 2012)
                                                                                                                                      Enterprise    EV /      EV /
Announced Date            Target                                      Industry Sector       Buyer                                    Value ($mm)   Revenue   EBITDA
05/07/2012                GTSI Corp.                                  Distributors          UNICOM Systems, Inc.                           $18.8     0.1x     3.3x
05/03/2012                SlideShare, Inc.                            Internet              LinkedIn Corp.                                 $72.1      NA       NA
05/03/2012                Avista Solutions, Inc.                      Software              Davis + Henderson Corp.                        $40.0      NA       NA
05/02/2012                RentJuice Corp.                             Internet              Zillow, Inc.                                   $37.4      NM       NM
05/01/2012                EasyLink Services International Corp.       Internet              Open Text Corp.                               $309.5     1.7x     7.3x
05/01/2012                Funzio, Inc.                                Internet              GREE International, Inc.                      $210.0      NA       NA
05/01/2012                nLayer Communications, Inc.                 Internet              Global Internetworking, Inc.                   $18.0     1.2x      NA
04/30/2012                Fox Enterprises, Inc.                       Distributors          Integrated Device Technology, Inc.             $30.0     1.3x      NA
04/27/2012                Demandforce, Inc.                           Internet              Intuit, Inc.                                  $423.5      NA       NA
04/25/2012                Inflection, LLC (Archives.com)              Internet              Ancestry.com, Inc.                            $100.0      NA       NA
04/24/2012                Cray, Inc. (Interconnect Hardware Assets)   Technology Hardware   Intel Corp.                                   $140.0      NA       NA
04/23/2012                Peer39, Inc.                                Internet              MediaMind Technologies, Inc.                   $15.6      NA       NA
04/20/2012                MU Dynamics, Inc.                           Software              Spirent Communications Plc.                    $40.0      NA       NA
04/17/2012                SRS Labs, Inc.                              Software              DTS, Inc.                                     $113.2     3.4x      NM
                          Openwave Systems, Inc. (Mediation and
04/16/2012                                                            Internet              Marlin Equity Partners                         $49.6      NA       NA
                          Messaging Product Businesses)
04/10/2012                Elo Touch Solutions                         Technology Hardware   The Gores Group                               $380.0     0.9x      NA
04/09/2012                Instagram, Inc.                             Internet              Facebook, Inc.                              $1,000.0      NA       NA
04/05/2012                Automation Technology, Inc.                 Internet              Intertek Group plc                             $16.0      NA       NA
04/04/2012                DRI Corp.                                   Software              Luminator Holding, LLC                         $25.3     0.3x      NM
04/03/2012                LogLogic, Inc.                              Software              TIBCO Software, Inc.                          $131.6      NA       NA


                                                                                                                           Average       $293.0      2.2x     8.4x
                                                                                                                           Median         $71.2      1.2x     8.1x




 Source: S&P Capital IQ


         HYDE PARK CAPITAL                                                                                                                                           6
         Investment Banking | Mergers & Acquisitions | Capital Raising
Recent M&A Transactions Profiled – Technology
                  Ariba, Inc. (NasdaqGS:ARBA)                                                                      Transaction Details

   Ariba, Inc. (NasdaqGS:ARBA)        is a leader in cloud-based,                            Financial Profile                            Transaction Analysis
    collaborative business solutions for spend management, finance          ($ in millions)
                                                                                                                    LTM
    management and sales acceleration management.                           Income Statement                      3/31/12     Purchase Price (Equity)             $4,598.6

   On May 22, 2012 SAP AG (DB:SAP), one of the largest developers of       Revenue                                 $501.8    Total Rights/Warrants/Options           $9.1
    enterprise software, entered into an agreement to acquire Ariba for
    $45.00 per share of common stock in an all–cash transaction,            EBITDA                                   $40.9    Net Assumed Liabilities              ($196.4)
    implying an enterprise value of approximately $4.4 billion for Ariba.   Net Income                               ($8.8)   Implied Enterprise Value            $4,411.4
   The purchase price represented a considerable premium to Ariba’s                                                As of
    stock price one-day prior (37%) to the announcement and the 52-         Balance Sheet                         3/31/12     Implied Purchase Multiples
    week average (44%), as well as implied attractive multiples of both
                                                                            Cash                                    $196.4    Revenue                                 8.8x
    revenue and EBITDA, as illustrated to the right.
                                                                            Debt                                      $0.0    EBITDA                                   NM
   The acquisition of Ariba will expand SAP’s portfolio of cloud-based
    applications, further increasing its presence in the cloud.             Net Debt                               ($196.4)   Net Income                               NM


              Quest Software, Inc. (NasdaqGS:QSFT)                                                                 Transaction Details

   Quest Software, Inc. (NasdaqGS:QSFT) is an award winning                                  Financial Profile                            Transaction Analysis
    developer of enterprise system management software that provides        ($ in millions)
                                                                                                                    LTM       Purchase Price (Equity)             $2,382.9
    solutions for common IT challenges.                                     Income Statement                      3/31/12
                                                                                                                              Total Rights/Warrants/Options         $149.0
   On June 30, 2012 Dell, Inc. (NasdaqGS:DELL) announced that it had       Revenue                                 $881.5    Minority Interest                      $34.9
    entered into a definitive agreement to acquire Quest Software for
    approximately $2.4 billion, which represents an offer price of          EBITDA                                  $160.3    Net Assumed Liabilities              ($159.1)
    $27.50 per share of common stock.                                       Net Income                               $43.3    Implied Enterprise Value            $2,407.7

   The offer from Dell was deemed by Quest Software’s Board of                                                     As of
    Directors to represent a superior offer to the Company’s previously     Balance Sheet                         3/31/12     Implied Purchase Multiples
    announced merger agreement with Insight Venture Partners.
                                                                            Cash                                    $263.2    Revenue                                 2.7x
   The proposed combination will add critical components to Dell’s
                                                                            Debt                                    $104.1    EBITDA                                 15.0x
    enterprise software solutions, including systems management,
    security and data protection.                                           Net Debt                               ($159.1)   Net Income                               NM



    HYDE PARK CAPITAL                                                                                                                                                  7
    Investment Banking | Mergers & Acquisitions | Capital Raising
M&A Activity by Technology Sector
    U.S. Middle Market M&A Activity by Technology Sector: VOLUME                                                                                                                             % Change


                                                                                                                                                                                53
             Software                                                                                                                                                                             36%
                                                                                                                                      34



                                                                                                                                                                           49
              Internet                                                                                                                                                                            16%
                                                                                                                                                          41



                                                                                                                 26
          IT Services                                                                                                                                                                             73%
                                                 7



                                                                                                                                                               43
Technology Hardware                                                                                                                                                                               19%
                                                                                                                                           35


                         0                              10                               20                               30                         40                    50           60
                                                                                                                1H 2011                         1H 2012

      U.S. Middle Market M&A Activity by Technology Sector: VALUE                                                                                                                            % Change
  ($ in millions)

                                                                                                                                                                    $9.6
             Software                                                                                                                                                                             51%
                                                                                                         $4.7



                                                                                          $3.9
              Internet                                                                                                                                                                            13%
                                                                                                  $4.4



                                                                        $2.8
          IT Services                                                                                                                                                                             79%
                                   $0.6



                                                                                                                               $6.1                                                               2%
Technology Hardware
                                                                                                                           $6.0


                        $0.0                           $2.0                            $4.0                           $6.0                         $8.0               $10.0          $12.0
                                                                                                                1H 2011                         1H 2012
  Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion)


           HYDE PARK CAPITAL                                                                                                                                                                            8
           Investment Banking | Mergers & Acquisitions | Capital Raising
Private Equity Activity – Technology
                                                                          Commentary                                                                                                        Select Private Equity Transactions (Q2 2012)
                                                                                                                                                                         ($ in millions)                                                                                                       Transaction

                                  With financing markets cooperating, financial sponsors remained                                                                       Announced Date    Target                                  Buyer                                Industry                  Value

                                   active investors across all sectors of the Technology industry in the                                                                 06/27/12          Active Internet Technologies, LLC       Spectrum Equity Investors            Internet                          $55


                                   2nd quarter of 2012, as shown in the table on the right.                                                                              06/14/12          Bullhorn, Inc.                          Vista Equity Partners                Internet                          NA

                                                                                                                                                                         06/06/12          Plex Systems, Inc.                      Francisco Partners Management        Internet                          NA

                                  Several notable private equity backed transactions were                                                                               05/30/12          Infogix, Inc.                           H.I.G. Capital                       Software                          NA
                                   announced during Q2 2012 including GTCR’s acquisition of CAMP                                                                         05/10/12          Spectralink Corp.                       Sun Capital Partners                 Technology Hardware             $114
                                   Systems International, Inc., a provider of aircraft maintenance
                                                                                                                                                                         05/10/12          CAMP Systems International, Inc.        GTCR                                 Internet                        $675
                                   tracking software, for $675 million; and The Gores Group buyout
                                                                                                                                                                         05/03/12          Ajubeo, LLC                             Grey Mountain Partners               Internet                          NA
                                   of Elo TouchSystems, Inc. a developer and manufacturer of touch
                                   screen products, for $380 million.                                                                                                    04/18/12          Help/Systems, LLC                       Summit Partners                      Software                          NA
                                                                                                                                                                                           Openwave Systems, Inc. (Mediation and
                                                                                                                                                                         04/16/12                                                  Marlin Equity Partners               Internet                          $50
                                                                                                                                                                                           Messaging Product Businesses)
                                  During the 1st half of 2012 financial sponsors participated in 10%                                                                    04/10/12          Elo TouchSystems, Inc.                  The Gores Group                      Technology Hardware             $380

                                   of completed deals and accounted for 15% of total transaction                                                                         04/10/12          Network Instruments, LLC                Thoma Bravo                          Technology Hardware               NA
                                   value, which is consistent with 1H 2011.                                                                                              04/05/12          Legacy.com, Inc.                        Great Hill Partners                  Internet                          NA

                                                                                                                                                                         04/02/12          MSDSonline, Inc.                        ICG Group                            Internet                          $48


                                                  Financial Sponsors vs. Strategic Buyers                                                                                                                Select Private Placements (Q2 2012)
                                                                                                                                                                         ($ in millions)                                                                                                      Transaction
                                                                                                                                                                         Announced Date    Target                                  Lead Investor(s)                     Industry                Value

                                                                                                                                                                         06/29/12          DocuSign, Inc.                          Kleiner, Perkins, Caufield & Byers   Internet                        $56
                                                                                         Total Transaction Value ($ in billions)




                                                                                                                                                                         06/28/12          Rocket Fuel, Inc.                       Northgate Capital Group              Internet                        $50
Total Transaction Volume




                                                                                                                                                                         06/20/12          Bromium, Inc.                           Highland Capital Partners            Software                        $27

                                                                                                                                                                         06/12/12          Message Systems, Inc.                   LLR Partners                         Software                        $32

                                                                                                                                                                         06/07/12          GoHealth, LLC                           Norwest Equity Partners              Internet                        $50

                                                                                                                                                                         06/05/12          Donuts, Inc.                            Austin Ventures                      Internet                     $100

                                                                                                                                                                         05/23/12          10gen, Inc.                             New Enterprise Associates            Internet                        $50
                                                                                                                                                                                                                                   Goldman Sachs Group (Merchant
                                                                                                                                                                         05/21/12          AnchorFree, Inc.                                                             Internet                        $52
                                                                                                                                                                                                                                   Banking Division)

                                                                                                                                                                         05/17/12          Pinterest                               Bessemer Venture Partners            Internet                     $100

                                                                                                                                                                         05/16/12          Fotolia, LLC                            Kohlberg Kravis Roberts & Co.        Internet                     $150
                                                                                                                                                                                                                                   Accel Management Co, Inc. /
                                                                                                                                                                         05/15/12          Qualtrics, Inc.                                                              Internet                        $70
                                                                                                                                                                                                                                   Sequoia Capital

                                                                                                                                                                         05/11/12          Utopia, Inc.                            FTV Capital                          IT Services                     $50
                                     Financial Sponsor           Strategic Buyer                                                   Financial Sponsor   Strategic Buyer
                                                                                                                                                                         04/19/12          Evernote Corp.                          MeriTech Capital Partners            Internet                        $70
                           Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion)


                                    HYDE PARK CAPITAL                                                                                                                                                                                                                                                   9
                                    Investment Banking | Mergers & Acquisitions | Capital Raising
Industry Sector Overview – Recent Stock Price Performance
                                              Commentary                                                                 Enterprise Software
        The charts included on the following pages detail the recent stock                         130%
         price performance by sector for the leading public companies
         within the Technology industry for the 12-month period ended                               120%

         June 30, 2012. The shaded section is the most recent 3-month
                                                                                                    110%
         period (Q2).                                                                                                                                                         3.1%

                                                                                                    100%
        The Technology Hardware and Internet indices delivered the
         strongest gains in the Technology industry for the 12-month                                90%                                                                       5.4%
         period ending June 30, 2012, increasing 19.8% and 9.3%,
         respectively.                                                                              80%


                                                                                                    70%
        Due to mixed earnings reports by public companies in the
         Technology industry and increased volatility in the market, all                            60%
         sector indices of the Technology industry decreased during Q2                                Jun-11   Sep-11              Dec-11                   Mar-12   Jun-12

         2012.                                                                                                           S&P 500    Enterprise Software


                              Software-as-a-Service (SaaS)                                                              Infrastructure Software
130%                                                                                                130%


120%                                                                                                120%


110%                                                                                                110%
                                                                                             3.1%                                                                             3.1%

100%                                                                                                100%
                                                                                             0.3%
90%                                                                                                 90%                                                                       5.8%

80%                                                                                                 80%


70%                                                                                                 70%


60%                                                                                                 60%
  Jun-11                   Sep-11                 Dec-11                   Mar-12   Jun-12            Jun-11   Sep-11              Dec-11                   Mar-12   Jun-12

                                    S&P 500     Software-as-a-Service (SaaS)                                            S&P 500    Infastructure Software

  Source: S&P Capital IQ


           HYDE PARK CAPITAL                                                                                                                                                  10
           Investment Banking | Mergers & Acquisitions | Capital Raising
Industry Sector Overview – Recent Stock Price Performance
                               Informatics & Data Services                                                                              Internet

130%                                                                                                      130%


120%                                                                                                      120%

                                                                                                                                                                                    9.3%
110%                                                                                                      110%
                                                                                                   3.1%

100%                                                                                                      100%                                                                      3.1%

90%                                                                                                6.0%   90%


80%                                                                                                       80%


70%                                                                                                       70%


60%                                                                                                       60%
  Jun-11                   Sep-11                       Dec-11                   Mar-12   Jun-12            Jun-11   Sep-11              Dec-11                   Mar-12   Jun-12

                                    S&P 500         Inormatics & Data Services                                                     S&P 500        Internet


                                                 IT Services                                                                  Technology Hardware
130%                                                                                                      140%


120%                                                                                                      130%


                                                                                                          120%                                                                      19.8%
110%
                                                                                                   3.1%   110%
100%
                                                                                                                                                                                    3.1%
                                                                                                          100%
90%
                                                                                                   7.4%
                                                                                                          90%

80%
                                                                                                          80%

70%                                                                                                       70%


60%                                                                                                       60%
  Jun-11                   Sep-11                       Dec-11                   Mar-12   Jun-12            Jun-11   Sep-11              Dec-11                   Mar-12   Jun-12

                                              S&P 500       IT Services                                                       S&P 500        Tehnology Hardware

  Source: S&P Capital IQ


           HYDE PARK CAPITAL                                                                                                                                                        11
           Investment Banking | Mergers & Acquisitions | Capital Raising
Industry Sector Overview – Public Company Analysis
                                         Enterprise Software
($ in millions, except per share)


               Enterprise Resource Planning
                                                                                                                                                                                            Enterprise Value /
                                                                          Closing Price    % of 52    Equity     Enterprise                 LTM                         LTM Margins                LTM
Company                                          Ticker                     6/29/12       Week High    Value       Value      Revenue    Gross Profit   EBITDA     Gross Profit EBITDA     Revenue     EBITDA
Oracle Corp.                                     ORCL                          $29.70       87.0%     $151,322     $137,519    $37,121      $29,263     $16,050        78.8%     43.2%        3.7x        8.6x
SAP AG                                           DB:SAP                        $59.36       85.3%      $70,465      $71,052    $19,214      $13,758      $6,882        71.6%     35.8%        3.7x       10.3x
Sage Group plc                                   LSE:SGE                        $4.35       88.5%       $5,747       $5,552     $2,138       $2,004        $620        93.7%     29.0%        2.6x        9.0x
NetSuite, Inc.                                   N                             $54.77       99.9%       $3,719       $3,568       $252         $177        ($17)       70.0%      (6.8%)    14.1x*         NM
Deltek, Inc.                                     PROJ                          $11.59       99.6%         $755        $871        $343         $220         $50        64.0%     14.6%        2.5x       17.3x
Exact Holding NV                                 ENXTAM:EXACT                  $21.86       81.0%         $499        $434        $280         $111         $64        39.6%     22.9%        1.5x        6.8x

                                                                              Average       90.2%     $38,751      $36,499      $9,891      $7,589      $3,942        69.6%      23.1%        2.8x     10.4x
                                                                               Median       87.8%      $4,733       $4,560      $1,240      $1,112        $342        70.8%      26.0%        2.6x      9.0x



        Supply/Demand Chain Management
                                                                                                                                                                                            Enterprise Value /
                                                                          Closing Price    % of 52    Equity     Enterprise                 LTM                         LTM Margins                LTM
Company                                          Ticker                     6/29/12       Week High   Value        Value      Revenue    Gross Profit   EBITDA     Gross Profit EBITDA     Revenue     EBITDA
Ariba, Inc.                                      ARBA                          $44.76       98.4%       $4,191       $3,995       $502         $330         $41        65.8%      8.1%        8.0x         NM
JDA Software Group, Inc.                         JDAS                          $29.69       85.2%       $1,270       $1,257       $672         $406        $165        60.4%     24.5%        1.9x        7.6x
Manhattan Associates, Inc.                       MANH                          $45.71       89.6%        $966         $869        $349         $204         $76        58.6%     21.7%        2.5x       11.5x
SciQuest, Inc.                                   SQI                           $17.96       99.1%        $405         $345         $55          $41          $7        73.4%     12.1%        6.2x       51.8x

                                                                              Average       93.1%      $1,708       $1,617       $394         $245         $72        64.6%      16.6%        4.6x     23.6x
                                                                               Median       94.0%      $1,118       $1,063       $425         $267         $58        63.1%      16.9%        4.4x     11.5x



        Customer Relationship Management
                                                                                                                                                                                            Enterprise Value /
                                                                          Closing Price    % of 52    Equity     Enterprise                 LTM                         LTM Margins                LTM
Company                                          Ticker                     6/29/12       Week High    Value       Value      Revenue    Gross Profit   EBITDA     Gross Profit EBITDA     Revenue     EBITDA
Oracle Corp.                                     ORCL                          $29.70       87.0%     $151,322     $137,519    $37,121      $29,263     $16,050        78.8%     43.2%        3.7x        8.6x
SAP AG                                           DB:SAP                        $59.36       85.3%      $70,465      $71,052    $19,214      $13,758      $6,882        71.6%     35.8%        3.7x       10.3x
Salesforce.com                                   CRM                         $138.26        83.9%      $18,869      $18,709     $2,458       $1,920        $106        78.1%       4.3%       7.6x         NM
Amdocs, Ltd.                                     DOX                           $29.72       91.8%       $5,266       $4,371     $3,230       $1,147        $596        35.5%     18.5%        1.4x        7.3x
NetSuite, Inc.                                   N                             $54.77       99.9%       $3,719       $3,568       $252         $177        ($17)       70.0%      (6.8%)    14.1x*         NM
Comverse Technology, Inc.                        CMVT                           $5.82       74.6%       $1,230       $1,463     $1,589         $844        $145        53.1%       9.2%       0.9x       10.1x
Pegasystems, Inc.                                PEGA                          $32.98       69.4%       $1,300       $1,212       $425         $259         $27        60.9%       6.5%       2.8x         NM
CSG Systems International, Inc.                  CSGS                          $17.28       88.2%         $568        $685        $737         $372        $165        50.5%     22.4%        0.9x        4.1x

                                                                              Average       85.0%     $31,593      $29,822      $8,128      $5,967      $2,994        62.3%      16.6%        3.0x      8.1x
  Source: S&P Capital IQ *Excluded from average and median calculation.        Median       86.2%      $4,493       $3,969      $2,023        $995        $155        65.5%      13.8%        2.8x      8.6x

            HYDE PARK CAPITAL                                                                                                                                                                              12
            Investment Banking | Mergers & Acquisitions | Capital Raising
Industry Sector Overview – Public Company Analysis
                                    Enterprise Software
($ in millions, except per share)


                Human Capital Management
                                                                                                                                                                         Enterprise Value /
                                                       Closing Price    % of 52    Equity     Enterprise                 LTM                         LTM Margins                LTM
Company                                 Ticker           6/29/12       Week High   Value        Value      Revenue    Gross Profit   EBITDA     Gross Profit EBITDA     Revenue     EBITDA
Concur Technologies, Inc.               CNQR                $68.10       98.3%       $3,687       $3,457       $393         $282         $53        71.6%      13.6%       8.8x       64.8x
The Ultimate Software Group, Inc.       ULTI                $88.93       97.3%       $2,481       $2,420       $283         $160         $28        56.4%       9.9%       8.6x       86.7x
Cornerstone OnDemand, Inc.              CSOD                $23.81      100.0%       $1,156       $1,074        $81          $58        ($21)       71.0%     (25.5%)     13.2x         NM
Kenexa Corp.                            KNXA                $29.03       85.6%        $771         $722        $301         $180         $26        59.7%       8.5%       2.4x       28.2x
Vocus, Inc.                             VOCS                $18.60       55.2%        $352         $404        $138         $111         ($4)       80.3%      (3.1%)      2.9x         NM

                                                           Average       87.3%      $1,689       $1,615       $239         $158         $16        67.8%       0.7%        7.2x     59.9x
                                                            Median       97.3%      $1,156       $1,074       $283         $160         $26        71.0%       8.5%        8.6x     64.8x




                       Content Management
                                                                                                                                                                         Enterprise Value /
                                                       Closing Price    % of 52    Equity     Enterprise                 LTM                         LTM Margins                LTM
Company                                 Ticker           6/29/12       Week High   Value        Value      Revenue    Gross Profit   EBITDA     Gross Profit EBITDA     Revenue     EBITDA
Adobe Systems, Inc.                     ADBE                $32.37       93.1%      $16,192      $14,704     $4,335       $3,875      $1,492        89.4%     34.4%        3.4x        9.9x
Open Text Corp.                         OTEX                $49.90       69.0%       $2,928       $3,024     $1,187         $861        $325        72.5%     27.4%        2.5x        9.3x
Synchronoss Technologies, Inc.          SNCR                $18.47       47.5%        $717         $596        $241         $130         $40        54.1%     16.7%        2.5x       14.8x
LogMeIn, Inc.                           LOGM                $30.52       68.4%        $779         $586        $125         $114         $16        90.8%     12.8%        4.7x       36.5x

                                                           Average       69.5%      $5,154       $4,727      $1,472      $1,245        $468        76.7%      22.8%        3.3x     17.6x
                                                            Median       68.7%      $1,853       $1,810       $714         $495        $183        80.9%      22.0%        3.0x     12.3x



             Business Intelligence/Analytics
                                                                                                                                                                         Enterprise Value /
                                                       Closing Price    % of 52    Equity     Enterprise                 LTM                         LTM Margins                LTM
Company                                 Ticker           6/29/12       Week High   Value        Value      Revenue    Gross Profit   EBITDA     Gross Profit EBITDA     Revenue     EBITDA
Teradata Corp.                          TDC                 $72.01       90.1%      $12,375      $11,683     $2,469       $1,359        $566        55.0%     22.9%        4.7x       20.6x
TIBCO Software, Inc.                    TIBX                $29.92       86.3%       $5,126       $5,034       $992         $724        $225        73.0%     22.7%        5.1x       22.3x
Informatica Corp.                       INFA                $42.36       67.9%       $4,772       $4,206       $812         $685        $183        84.4%     22.5%        5.2x       23.0x
Qlik Technologies, Inc.                 QLIK                $22.12       62.1%       $1,923       $1,717       $337         $301         $21        89.5%      6.1%        5.1x         NM
MicroStrategy, Inc.                     MSTR              $129.86        72.7%       $1,439       $1,227       $585         $437         $28        74.7%      4.7%        2.1x         NM

                                                           Average       75.8%      $5,127       $4,773      $1,039        $701        $205        75.3%      15.8%        4.4x     22.0x
                                                            Median       72.7%      $4,772       $4,206       $812         $685        $183        74.7%      22.5%        5.1x     22.3x


  Source: S&P Capital IQ


            HYDE PARK CAPITAL                                                                                                                                                           13
            Investment Banking | Mergers & Acquisitions | Capital Raising
Industry Sector Overview – Public Company Analysis
                                    Software-as-a-Service (SaaS)
($ in millions, except per share)                                                                                                                                                           Enterprise Value /
                                                                          Closing Price    % of 52    Equity     Enterprise                 LTM                         LTM Margins                LTM
Company                                          Ticker                     6/29/12       Week High   Value        Value      Revenue    Gross Profit   EBITDA     Gross Profit EBITDA     Revenue     EBITDA
Salesforce.com                                   CRM                         $138.26        83.9%      $18,869      $18,709     $2,458       $1,920        $106        78.1%       4.3%       7.6x         NM
NetSuite, Inc.                                   N                             $54.77       99.9%       $3,719       $3,568       $252         $177        ($17)       70.0%      (6.8%)    14.1x*         NM
athenahealth, Inc.                               ATHN                          $79.17       90.8%       $2,903       $2,748       $376         $230         $50        61.1%      13.4%       7.3x       54.6x
The Ultimate Software Group, Inc.                ULTI                          $88.93       97.3%       $2,481       $2,420       $283         $160         $28        56.4%       9.9%       8.6x         NM
Compuware Corp.                                  CPWR                           $9.30       90.1%       $2,065       $2,018     $1,006         $666        $176        66.2%      17.5%       2.0x       11.4x
Blackbaud, Inc.                                  BLKB                          $25.67       75.5%       $1,138       $1,092       $379         $217         $68        57.2%      18.0%       2.9x       16.0x
Cornerstone OnDemand, Inc.                       CSOD                          $23.81      100.0%       $1,156       $1,074        $81          $58        ($21)       71.0%     (25.5%)    13.2x*         NM
OpenTable, Inc.                                  OPEN                          $45.01       49.5%       $1,085       $1,027       $145         $105         $43        72.2%      29.8%       7.1x       23.7x
Kenexa Corp.                                     KNXA                          $29.03       85.6%        $771         $722        $301         $180         $26        59.7%       8.5%       2.4x       28.2x
Synchronoss Technologies, Inc.                   SNCR                          $18.47       47.5%        $717         $596        $241         $130         $40        54.1%      16.7%       2.5x       14.8x
LogMeIn, Inc.                                    LOGM                          $30.52       68.4%        $779         $586        $125         $114         $16        90.8%      12.8%       4.7x       36.5x
Demandware, Inc.                                 DWRE                          $23.69       74.1%        $548         $443         $61          $40          $1        66.0%       2.3%       7.3x         NM
Constant Contact, Inc.                           CTCT                          $17.86       55.5%        $556         $413        $224         $160         $24        71.3%      10.9%       1.8x       16.9x
Vocus, Inc.                                      VOCS                          $18.60       55.2%        $352         $404        $138         $111         ($4)       80.3%      (3.1%)      2.9x         NM
Bazaarvoice, Inc.                                BV                            $18.20       86.3%        $481         $355        $106          $70        ($21)       65.7%     (19.4%)      3.3x         NM
SciQuest, Inc.                                   SQI                           $17.96       99.1%        $405         $345         $55          $41          $7        73.4%      12.1%       6.2x       51.8x

                                                                              Average       78.7%      $2,376       $2,282       $389         $274         $33        68.4%       6.3%        4.8x     28.2x
                                                                               Median       84.8%        $932         $874       $233         $145         $25        68.1%      10.4%        4.0x     23.7x




  Source: S&P Capital IQ *Excluded from average and median calculation.


            HYDE PARK CAPITAL                                                                                                                                                                              14
            Investment Banking | Mergers & Acquisitions | Capital Raising
Industry Sector Overview – Public Company Analysis
                                      Infrastructure Software
($ in millions, except per share)


                  Enterprise IT Management
                                                                                                                                                                                         Enterprise Value /
                                                                          Closing Price    % of 52    Equity     Enterprise                 LTM                        LTM Margins              LTM
Company                                          Ticker                     6/29/12       Week High   Value        Value      Revenue    Gross Profit   EBITDA    Gross Profit EBITDA   Revenue     EBITDA
VMware, Inc.                                     VMW                           $91.04       76.6%      $39,490      $34,593     $4,180       $3,511      $1,075       84.0%     25.7%      8.3x       32.2x
Citrix Systems, Inc.                             CTXS                          $83.94       95.4%      $15,895      $14,597     $2,389       $2,121        $592       88.8%     24.8%      6.1x       24.7x
CA Technologies                                  CA                            $27.09       96.8%      $13,193      $11,943     $4,814       $4,174      $1,729       86.7%     35.9%      2.5x        6.9x
Red Hat, Inc.                                    RHT                           $56.48       90.0%      $11,091      $10,272     $1,183       $1,001        $262       84.6%     22.1%      8.7x       39.2x
BMC Software, Inc.                               BMC                           $42.68       75.5%       $7,375       $6,636     $2,172       $1,603        $675       73.8%     31.1%      3.1x        9.8x
TIBCO Software, Inc.                             TIBX                          $29.92       86.3%       $5,126       $5,034       $992         $724        $225       73.0%     22.7%      5.1x       22.3x
SolarWinds, Inc.                                 SWI                           $43.56       89.6%       $3,273       $3,090       $233         $218        $114       93.4%     48.7%    13.2x*       27.2x
Quest Software, Inc.                             QSFT                          $27.81       99.4%       $2,405       $2,281       $881         $780        $160       88.5%     18.2%      2.6x       14.2x
Compuware Corp.                                  CPWR                           $9.30       90.1%       $2,065       $2,018     $1,006         $666        $176       66.2%     17.5%      2.0x       11.4x
Pegasystems, Inc.                                PEGA                          $32.98       69.4%       $1,300       $1,212       $425         $259         $27       60.9%      6.5%      2.8x         NM
Progress Software Corp.                          PRGS                          $20.87       79.4%       $1,349       $1,021       $504         $415         $95       82.3%     18.8%      2.0x       10.8x

                                                                              Average       86.2%      $9,324       $8,427      $1,707      $1,407        $466       80.2%     24.7%       4.3x     19.9x
                                                                               Median       89.6%      $5,126       $5,034      $1,006        $780        $225       84.0%     22.7%       3.0x     18.3x



                                Data Storage
                                                                                                                                                                                         Enterprise Value /
                                                                          Closing Price    % of 52    Equity     Enterprise                 LTM                        LTM Margins              LTM
Company                                          Ticker                     6/29/12       Week High   Value        Value      Revenue    Gross Profit   EBITDA    Gross Profit EBITDA   Revenue     EBITDA
EMC Corp.                                        EMC                           $25.63       85.4%      $56,771      $53,237    $20,494      $12,649      $4,850       61.7%     23.7%      2.6x       11.0x
Teradata Corp.                                   TDC                           $72.01       90.1%      $12,375      $11,683     $2,469       $1,359        $566       55.0%     22.9%      4.7x       20.6x
Iron Mountain, Inc.                              IRM                           $32.96       92.1%       $6,219       $9,503     $3,015       $1,767        $934       58.6%     31.0%      3.2x       10.2x
NetApp, Inc.                                     NTAP                          $31.82       58.3%      $12,228       $8,095     $6,233       $3,713        $940       59.6%     15.1%      1.3x        8.6x
CommVault Systems, Inc.                          CVLT                          $49.57       89.3%       $2,340       $2,040       $407         $353         $54       86.9%     13.2%      5.0x       37.9x

                                                                              Average       83.1%     $17,987      $16,911      $6,524      $3,968      $1,469       64.4%     21.2%       3.4x     17.7x
                                                                               Median       89.3%     $12,228       $9,503      $3,015      $1,767        $934       59.6%     22.9%       3.2x     11.0x




  Source: S&P Capital IQ *Excluded from average and median calculation.


            HYDE PARK CAPITAL                                                                                                                                                                           15
            Investment Banking | Mergers & Acquisitions | Capital Raising
Industry Sector Overview – Public Company Analysis
                                       Infrastructure Software
($ in millions, except per share)


                                    Security
                                                                                                                                                                         Enterprise Value /
                                                          Closing Price    % of 52    Equity     Enterprise                 LTM                        LTM Margins              LTM
Company                                        Ticker       6/29/12       Week High   Value        Value      Revenue    Gross Profit   EBITDA    Gross Profit EBITDA   Revenue     EBITDA
Symantec Corp.                                 SYMC            $14.61       73.1%      $10,928       $9,834     $6,730       $5,739      $1,797       85.3%     26.7%      1.5x        5.5x
Check Point Software Technologies, Ltd.        CHKP            $49.59       76.3%      $10,525       $9,154     $1,307       $1,156        $739       88.4%     56.6%      7.0x       12.4x
VeriSign, Inc.                                 VRSN            $43.57       99.0%       $7,172       $6,479       $796         $631        $427       79.2%     53.6%      8.1x       15.2x
Fortinet, Inc.                                 FTNT            $23.22       80.6%       $3,820       $3,392       $458         $336         $98       73.5%     21.4%      7.4x       34.6x
Trend Micro, Inc.                              TSE:4704        $29.26       81.0%       $3,854       $2,568     $1,153         $940        $399       81.5%     34.6%      2.2x        6.4x
Sourcefire, Inc.                               FIRE            $51.40       86.2%       $1,533       $1,383       $181         $140         $15       77.1%      8.5%      7.6x         NM
Websense, Inc.                                 WBSN            $18.73       67.3%        $745         $745        $365         $306         $72       83.8%     19.7%      2.0x       10.3x

                                                              Average       82.8%      $3,425       $2,913       $591         $471        $202       79.0%     27.6%       5.5x     16.6x
                                                               Median       81.0%      $3,820       $2,568       $458         $336         $98       79.2%     21.4%       7.4x     12.8x




  Source: S&P Capital IQ


            HYDE PARK CAPITAL                                                                                                                                                           16
            Investment Banking | Mergers & Acquisitions | Capital Raising
Industry Sector Overview – Public Company Analysis
                                    Informatics & Data Services
($ in millions, except per share)                                                                                                                                      Enterprise Value /
                                                        Closing Price    % of 52    Equity     Enterprise                 LTM                        LTM Margins              LTM
Company                                    Ticker         6/29/12       Week High   Value        Value      Revenue    Gross Profit   EBITDA    Gross Profit EBITDA   Revenue     EBITDA
Thomson Reuters Corp.                      TSX:TRI           $28.40       79.7%      $23,627      $30,972    $13,831       $4,413      $3,332       31.9%     24.1%      2.2x        9.3x
Experian plc                               LSE:EXPN          $14.12       89.6%      $14,209      $16,334     $4,487       $1,994      $1,495       44.4%     33.3%      3.6x       10.9x
Moody's Corp.                              MCO               $36.55       84.9%       $8,348       $8,835     $2,350       $1,642      $1,000       69.9%     42.6%      3.8x        8.8x
IHS, Inc.                                  IHS             $107.73        99.9%       $7,141       $7,720     $1,439         $837        $294       58.1%     20.5%      5.4x       26.2x
Wolters Kluwer NV                          ENXTAM:WKL        $15.88       79.9%       $4,789       $7,686     $4,357       $2,918      $1,083       67.0%     24.9%      1.8x        7.1x
Equifax, Inc.                              EFX               $46.60       97.0%       $5,738       $6,609     $2,010       $1,232        $654       61.3%     32.6%      3.3x       10.1x
Informa plc                                LSE:INF            $5.96       83.8%       $3,595       $4,820     $1,985         $737        $556       37.1%     28.0%      2.4x        8.7x
Gartner, Inc.                              IT                $43.05       95.7%       $4,220       $4,331     $1,508         $886        $244       58.8%     16.2%      2.9x       17.8x
Dun & Bradstreet Corp.                     DNB               $71.17       82.3%       $3,475       $4,204     $1,758       $1,164        $520       66.2%     29.6%      2.4x        8.1x
FactSet Research Systems, Inc.             FDS               $92.94       85.1%       $4,300       $4,058       $790         $521        $295       66.0%     37.4%      5.1x       13.7x
Aegis Group plc                            LSE:AGS            $2.53       85.8%       $3,097       $3,277     $1,767       $1,724        $320       97.6%     18.1%      1.9x       10.2x
UBM plc                                    LSE:UBM            $9.17       90.8%       $2,272       $3,133     $1,513         $337        $334       22.3%     22.1%      2.1x        9.4x
NeuStar, Inc.                              NSR               $33.40       86.3%       $2,431       $2,836       $674         $522        $281       77.5%     41.8%      4.2x       10.1x
CoreLogic, Inc.                            CLGX              $18.31       98.0%       $1,947       $2,462     $1,441         $570        $259       39.5%     18.0%      1.7x        9.5x
Morningstar, Inc.                          MORN              $57.84       90.4%       $2,946       $2,504       $640         $449        $180       70.1%     28.1%      3.9x       13.9x
Fair Isaac Corp.                           FICO              $42.28       94.0%       $1,610       $1,931       $641         $454        $190       70.8%     29.7%      3.0x       10.2x
Ipsos SA                                   ENXTPA:IPS        $29.42       68.3%       $1,124       $1,901     $1,771       $1,133        $238       64.0%     13.4%      1.1x        8.0x
Acxiom Corp.                               ACXM              $15.11       99.8%       $1,215       $1,264     $1,131         $261        $236       23.1%     20.8%      1.1x        5.4x
Forrester Research, Inc.                   FORR              $33.86       85.1%        $784         $540        $288         $183         $49       63.6%     16.9%      1.9x       11.1x

                                                            Average       88.2%      $5,098       $6,075      $2,336      $1,157        $609       57.3%     26.2%       2.8x     11.0x
                                                             Median       86.3%      $3,475       $4,058      $1,513        $837        $295       63.6%     24.9%       2.4x     10.1x




  Source: S&P Capital IQ


            HYDE PARK CAPITAL                                                                                                                                                         17
            Investment Banking | Mergers & Acquisitions | Capital Raising
Industry Sector Overview – Public Company Analysis
                                                    Internet
($ in millions, except per share)


                  Online Content and Search
                                                                                                                                                                                            Enterprise Value /
                                                                          Closing Price    % of 52    Equity     Enterprise                 LTM                         LTM Margins                LTM
Company                                          Ticker                     6/29/12       Week High    Value       Value      Revenue    Gross Profit   EBITDA     Gross Profit EBITDA     Revenue     EBITDA
Google, Inc.                                     GOOG                        $580.07        86.5%     $190,064     $155,063    $43,162      $27,279     $15,332        63.2%      35.5%       3.6x       10.1x
Yahoo!, Inc.                                     YHOO                          $15.83       94.3%      $19,585      $17,848     $4,980       $3,448      $1,306        69.2%      26.2%       3.6x       13.7x
Scripps Networks Interactive, Inc.               SNI                           $56.86       98.5%       $9,235      $10,385     $2,127       $1,385        $996        65.1%      46.8%       4.9x       10.4x
IAC/InterActiveCorp.                             IACI                          $45.60       86.4%       $4,212       $3,468     $2,435       $1,568        $357        64.4%      14.7%       1.4x        9.7x
Yelp, Inc.                                       YELP                          $22.73       71.1%       $1,257       $1,126        $94          $87        ($14)       92.8%     (14.3%)    12.0x*         NM
Monster Worldwide, Inc.                          MWW                            $8.31       54.3%       $1,015        $976      $1,025         $523        $145        51.0%      14.2%       1.0x        6.7x
WebMD Health Corp.                               WBMD                          $20.51       41.7%       $1,164        $822        $534         $327         $96        61.3%      18.0%       1.5x        8.5x
Angie's List, Inc.                               ANGI                          $15.84       79.9%         $720        $658        $119          $89        ($54)       74.4%     (45.5%)      5.5x         NM

                                                                              Average       76.6%     $28,406      $23,793      $6,809      $4,338      $2,271        67.7%      12.0%        3.1x      9.9x
                                                                               Median       83.2%      $2,734       $2,297      $1,576        $954        $251        64.7%      16.3%        3.6x      9.9x

                         Software & Services
                                                                                                                                                                                            Enterprise Value /
                                                                          Closing Price    % of 52    Equity     Enterprise                 LTM                         LTM Margins                LTM
Company                                          Ticker                     6/29/12       Week High   Value        Value      Revenue    Gross Profit   EBITDA     Gross Profit EBITDA     Revenue     EBITDA
Akamai Technologies, Inc.                        AKAM                          $31.75       81.1%       $5,883       $5,479     $1,202         $876        $504        72.9%     41.9%        4.6x       10.9x
Rovi Corp.                                       ROVI                          $19.62       33.1%       $2,133       $2,701       $713         $599        $237        83.9%     33.2%        3.8x       11.4x
ValueClick, Inc.                                 VCLK                          $16.39       75.0%       $1,337       $1,335       $596         $347        $170        58.2%     28.4%        2.2x        7.9x
Digital River, Inc.                              DRIV                          $16.62       48.7%        $606         $259        $402         $338         $58        84.0%     14.3%        0.6x        4.5x

                                                                              Average       59.5%      $2,490       $2,443       $728         $540        $242        74.7%      29.5%        2.8x      8.7x
                                                                               Median       61.8%      $1,735       $2,018       $655         $473        $203        78.4%      30.8%        3.0x      9.4x

                                    e-Commerce
                                                                                                                                                                                            Enterprise Value /
                                                                          Closing Price    % of 52    Equity     Enterprise                 LTM                         LTM Margins                LTM
Company                                          Ticker                     6/29/12       Week High    Value       Value      Revenue    Gross Profit   EBITDA     Gross Profit EBITDA     Revenue     EBITDA
Amazon.com, Inc.                                 AMZN                        $228.35        92.6%     $105,326      $99,611    $51,405      $11,698      $1,815        22.8%      3.5%        1.9x         NM
eBay, Inc.                                       EBAY                          $42.01       95.6%      $54,989      $51,317    $13,021       $9,104      $3,758        69.9%     28.9%        3.9x       13.7x
priceline.com, Inc.                              PCLN                        $664.52        85.7%      $34,062      $32,068     $4,584       $3,317      $1,547        72.4%     33.7%        7.0x       20.7x
Expedia, Inc.                                    EXPE                          $48.07       73.1%       $6,670       $6,028     $3,538       $2,752        $669        77.8%     18.9%        1.7x        9.0x
Netflix, Inc.                                    NFLX                          $68.49       22.5%       $3,888       $3,475     $3,456       $1,077        $228        31.2%      6.6%        1.0x       15.2x
Vistaprint N.V.                                  VPRT                          $32.30       64.6%       $1,319       $1,393       $979         $637        $117        65.1%     11.9%        1.4x       11.9x
Shutterfly, Inc.                                 SFLY                          $30.69       47.6%       $1,124        $980        $507         $267         $45        52.7%      8.8%        1.9x       21.9x
Blue Nile, Inc.                                  NILE                          $29.71       59.4%         $428        $367        $351          $70         $15        20.1%      4.3%        1.0x       24.2x

                                                                              Average       67.6%     $25,976      $24,405      $9,730      $3,615      $1,024        51.5%      14.6%        2.5x     16.7x
  Source: S&P Capital IQ *Excluded from average and median calculation.        Median       68.9%      $5,279       $4,751      $3,497      $1,915        $449        58.9%      10.4%        1.8x     15.2x


            HYDE PARK CAPITAL                                                                                                                                                                              18
            Investment Banking | Mergers & Acquisitions | Capital Raising
Hyde Park Capital Technology Report
Hyde Park Capital Technology Report
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Hyde Park Capital Technology Report

  • 1. HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital Raising John Hill Senior Managing Director hill@hydeparkcapital.com (813) 383-0205 John McDonald Senior Managing Director Technology mcdonald@hydeparkcapital.com (813) 383-0206 M&A Report Keith Hodgdon Q2 2012 Senior Vice President hodgdon@hydeparkcapital.com (813) 383-0208 Jeffrey Bridge Vice President bridge@hydeparkcapital.com (813) 383-0204 Michael Mariani Associate mariani@hydeparkcapital.com (813) 597-2649 Jennifer Paul Associate paul@hydeparkcapital.com (813) 383-0203 Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813-383-0202 www.hydeparkcapital.com Member FINRA/SIPC
  • 2. Capital Markets Overview Commentary Select Initial Public Offerings – Technology (Q2 2012) ($ in millions) Transaction  As of June 30, 2012 major market indices including the S&P 500 Offer Date Issuer Industry Sector Value and Nasdaq, increased 3.1% and 5.8%, respectively, over the 12- 05/17/12 Facebook, Inc. (NasdaqGS:FB) Internet $16,007 month period, while the S&P Global Information Technology index outperformed the overall market, increasing 6.1% over the same 04/18/12 Splunk, Inc. (NasdaqGS:SPLK) Software $230 period. 06/28/12 ServiceNow, Inc. (NYSE:NOW) Software $210  Technology companies continue to account for the majority of the initial public offerings (“IPOs”) in the U.S. As detailed in the table on 04/19/12 Infoblox, Inc. (NYSE:BLOX) Software $120 the right, eight IPOs were completed by companies in the Technology industry during Q2 2012, including the anticipated 05/09/12 Audience, Inc. (NasdaqGS:ADNC) Technology Hardware $90 debut of Facebook, Inc. 04/19/12 Proofpoint, Inc. (NasdaqGM:PFPT) Software $82  The Software-as-a-Service (SaaS) sector was the strongest performing sector in terms of valuation during the 2nd quarter, 04/24/12 Envivio, Inc. (NasdaqGS:ENVI) Software $70 trading at LTM revenue and EBITDA multiples of 4.0x and 23.7x, 06/28/12 Exa Corp. (NasdaqGM:EXA) Software $63 respectively. Public Market Performance (LTM) Market Performance by Sector 130% Median 120% Change in Stock Price Enterprise Value / LTM 6.1% Industry Sector 3 Months 12 months Revenue EBITDA 110% Enterprise Software (5.6%) (5.4%) 3.4x 11.5x 5.8% Software-as-a-Service (SaaS) (7.3%) 0.3% 4.0x 23.7x 100% 3.1% Infrastructure Software (11.4%) (5.8%) 3.1x 12.4x 90% Informatics & Data Services (6.7%) (6.0%) 2.4x 10.1x Internet (1.5%) 9.3% 1.9x 10.6x 80% IT Services (9.2%) (7.4%) 1.4x 9.1x 70% Technology Hardware (10.1%) 19.8% 0.8x 5.5x Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Nasdaq S&P 500 S&P Global Information Technology Index Source: S&P Capital IQ HYDE PARK CAPITAL 2 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 3. Annual Middle Market M&A Activity – Technology Commentary Middle Market Purchase Multiples  As detailed in the charts below, overall U.S. middle market M&A 35.0x 3.5x activity, or deal volume, in the Technology industry decreased in the 30.0x 3.0x 1st half of 2012 to 117 closed transactions, a 32% decrease from 1H 2.6x 2.8x 2.6x 2011. Enterprise Value / Revenue Enterprise Value / EBITDA 2.5x 25.0x 2.4x 2.4x 2.5x 2.3x 2.3x 2.3x  During 1H 2012 the total value of completed M&A transactions in 20.0x 1.8x 1.9x 2.0x the Technology industry dropped 30% to $15.7 billion from $22.4 billion in the prior year period. 15.0x 32.2x 1.5x 25.8x 26.4x 23.0x  Despite the decline in M&A activity, transaction pricing or purchase 10.0x 19.9x 21.5x 1.0x 18.2x 17.5x multiples, defined as Enterprise Value over revenue and Enterprise 13.6x 16.5x 15.7x Value over EBITDA, remained strong from a historical perspective 5.0x 0.5x at an average of 2.8x and 17.5x, respectively, for completed middle market transactions across the Technology industry in the 1st half of 0.0x 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1H 2012 0.0x 2012. EV / EBITDA EV / Revenue U.S. Middle Market M&A Activity – Annual Trends: VOLUME U.S. Middle Market M&A Activity – Annual Trends: VALUE Total Transaction Value ($ in billions) Total Transaction Volume Less than $100M $100 - $499M $500 - $1,000M Less than $100M $100 - $499M $500 - $1,000M Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion) HYDE PARK CAPITAL 3 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 4. Quarterly Middle Market M&A Activity – Technology Commentary Middle Market M&A Transactions by Deal Size – Technology  As detailed in the table on the right, Technology M&A transaction ($ in billions) volume and value decreased year-over-year across all segments of the middle market during the 2nd quarter of 2012. Q2 2011 Q2 2012 % Change Deal Size Volume Value Volume Value Volume Value  The total volume of completed middle market Technology deals Less than $100M 50 $1.7 39 $1.4 (22%) (17%) (transactions valued at less than $1 billion) declined 30% in Q2 $100 - $499M 27 $6.2 14 $3.1 (48%) (50%) 2012 versus the prior year period, while total middle market deal $500 - $1,000M 5 $3.6 4 $3.1 (20%) (16%) value fell 34% to $7.6 billion during the quarter. Total Middle Market 82 $11.5 57 $7.6 (30%) (34%) % of Total Market  Transactions valued at less than $100 million represented Less than $100M 61% 15% 68% 19% approximately 68% of the total number of closed deals in Q2 2012. $100 - $499M 33% 53% 25% 41% $500 - $1,000M 6% 32% 7% 40%  Despite representing less than 35% of the total deal volume in Q2 Total Middle Market 100% 100% 100% 100% 2012, transactions valued between $100 million and $1 billion accounted for more than 80% of the total deal value during the quarter. U.S. Middle Market M&A Activity – Quarterly Trends: VOLUME U.S. Middle Market M&A Activity – Quarterly Trends: VALUE Total Transaction Value ($ in billions) Total Transaction Volume Less than $100M $100 - $499M $500 - $1,000M Less than $100M $100 - $499M $500 - $1,000M Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion) HYDE PARK CAPITAL 4 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 5. Recent M&A Activity – Technology Select Announced M&A Transactions (Q2 2012) Enterprise EV / EV / Announced Date Target Industry Sector Buyer Value ($mm) Revenue EBITDA 06/28/2012 Open E Cry, LLC Internet GAIN Capital Group $12.0 0.9x NA 06/27/2012 Active Internet Technologies, LLC Internet Spectrum Equity Investors $55.0 NA NA 06/25/2012 Quest Software, Inc. Software Dell, Inc. $2,407.7 2.7x 15.0x Fidelity National Information Services, Inc. 06/25/2012 Software Lightyear Capital $335.0 NA NA (Healthcare Benefit Solutions Business) 06/21/2012 Savings.com, Inc. Internet Cox Target Media, Inc. $100.0 NA NA 06/21/2012 Brand.net, Inc. Internet Valassis Communications, Inc. $18.0 NA NA 06/20/2012 Wavelink Corp. Software LANDesk Software, Inc. $82.0 NA NA 06/18/2012 Network Engines, Inc. Technology Hardware UNICOM Systems, Inc. $55.3 0.2x 5.1x 06/18/2012 Network Equipment Technologies, Inc. Technology Hardware Sonus Networks, Inc. $42.4 0.8x NM 06/15/2012 Yammer, Inc. Internet Microsoft Corp. $1,200.0 NA NA 06/13/2012 SinglePlatform Corp. Internet Constant Contact, Inc. $95.0 NA NA 06/13/2012 Integrated Export Systems, Ltd. Software The Descartes Systems Group, Inc. $34.2 NA NA 06/12/2012 GlobalSpec, Inc. Internet HIS, Inc. $135.0 NA NA 06/11/2012 Vital Support Systems, LLC IT Services TDS Hosted & Managed Services, LLC $45.0 0.6x NA 06/07/2012 Bytemobile, Inc. Internet Citrix Systems International Gmbh $435.0 NA NA 06/05/2012 PlanetSoft, Inc. Software Ebix, Inc. $40.0 NA NA 06/04/2012 Buddy Media, Inc. Internet Salesforce.com $745.0 NA NA 06/01/2012 Nascent Systems, LP IT Services Perficient, Inc. $18.1 1.1x NA 05/30/2012 Clarus Systems, Inc. Software OPNET Technologies, Inc. $11.7 NA NA 05/29/2012 LeCroy Corp. Technology Hardware Teledyne Technologies, Inc. $291.7 1.5x 8.9x 05/24/2012 PowerReviews, Inc. Software Bazaarvoice, Inc. $127.8 11.1x NA 05/22/2012 Ariba, Inc. Software SAP AG $4,411.4 8.8x NM 05/22/2012 EDGAR Online, Inc. Internet R.R. Donnelley & Sons Co. $71.2 2.3x NM 05/14/2012 Tii Network Technologies, Inc. Technology Hardware Kelta, Inc. $28.1 0.5x 11.1x 05/11/2012 Xedar Corp. Software HIS, Inc. $28.0 NA NA 05/10/2012 Spectralink Corp. Technology Hardware Sun Capital Partners $114.0 1.2x NA 05/09/2012 AssetNation, Inc. Internet Ritchie Bros. Auctioneers, Inc. $64.0 NA NA 05/07/2012 Anue Systems, Inc. Technology Hardware Ixia $145.0 3.0x NA 05/07/2012 SpeechCycle, Inc. Internet Synchronoss Technologies, Inc. $38.0 NA NA Source: S&P Capital IQ HYDE PARK CAPITAL 5 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 6. Recent M&A Activity – Technology Select Announced M&A Transactions (Q2 2012) Enterprise EV / EV / Announced Date Target Industry Sector Buyer Value ($mm) Revenue EBITDA 05/07/2012 GTSI Corp. Distributors UNICOM Systems, Inc. $18.8 0.1x 3.3x 05/03/2012 SlideShare, Inc. Internet LinkedIn Corp. $72.1 NA NA 05/03/2012 Avista Solutions, Inc. Software Davis + Henderson Corp. $40.0 NA NA 05/02/2012 RentJuice Corp. Internet Zillow, Inc. $37.4 NM NM 05/01/2012 EasyLink Services International Corp. Internet Open Text Corp. $309.5 1.7x 7.3x 05/01/2012 Funzio, Inc. Internet GREE International, Inc. $210.0 NA NA 05/01/2012 nLayer Communications, Inc. Internet Global Internetworking, Inc. $18.0 1.2x NA 04/30/2012 Fox Enterprises, Inc. Distributors Integrated Device Technology, Inc. $30.0 1.3x NA 04/27/2012 Demandforce, Inc. Internet Intuit, Inc. $423.5 NA NA 04/25/2012 Inflection, LLC (Archives.com) Internet Ancestry.com, Inc. $100.0 NA NA 04/24/2012 Cray, Inc. (Interconnect Hardware Assets) Technology Hardware Intel Corp. $140.0 NA NA 04/23/2012 Peer39, Inc. Internet MediaMind Technologies, Inc. $15.6 NA NA 04/20/2012 MU Dynamics, Inc. Software Spirent Communications Plc. $40.0 NA NA 04/17/2012 SRS Labs, Inc. Software DTS, Inc. $113.2 3.4x NM Openwave Systems, Inc. (Mediation and 04/16/2012 Internet Marlin Equity Partners $49.6 NA NA Messaging Product Businesses) 04/10/2012 Elo Touch Solutions Technology Hardware The Gores Group $380.0 0.9x NA 04/09/2012 Instagram, Inc. Internet Facebook, Inc. $1,000.0 NA NA 04/05/2012 Automation Technology, Inc. Internet Intertek Group plc $16.0 NA NA 04/04/2012 DRI Corp. Software Luminator Holding, LLC $25.3 0.3x NM 04/03/2012 LogLogic, Inc. Software TIBCO Software, Inc. $131.6 NA NA Average $293.0 2.2x 8.4x Median $71.2 1.2x 8.1x Source: S&P Capital IQ HYDE PARK CAPITAL 6 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 7. Recent M&A Transactions Profiled – Technology Ariba, Inc. (NasdaqGS:ARBA) Transaction Details  Ariba, Inc. (NasdaqGS:ARBA) is a leader in cloud-based, Financial Profile Transaction Analysis collaborative business solutions for spend management, finance ($ in millions) LTM management and sales acceleration management. Income Statement 3/31/12 Purchase Price (Equity) $4,598.6  On May 22, 2012 SAP AG (DB:SAP), one of the largest developers of Revenue $501.8 Total Rights/Warrants/Options $9.1 enterprise software, entered into an agreement to acquire Ariba for $45.00 per share of common stock in an all–cash transaction, EBITDA $40.9 Net Assumed Liabilities ($196.4) implying an enterprise value of approximately $4.4 billion for Ariba. Net Income ($8.8) Implied Enterprise Value $4,411.4  The purchase price represented a considerable premium to Ariba’s As of stock price one-day prior (37%) to the announcement and the 52- Balance Sheet 3/31/12 Implied Purchase Multiples week average (44%), as well as implied attractive multiples of both Cash $196.4 Revenue 8.8x revenue and EBITDA, as illustrated to the right. Debt $0.0 EBITDA NM  The acquisition of Ariba will expand SAP’s portfolio of cloud-based applications, further increasing its presence in the cloud. Net Debt ($196.4) Net Income NM Quest Software, Inc. (NasdaqGS:QSFT) Transaction Details  Quest Software, Inc. (NasdaqGS:QSFT) is an award winning Financial Profile Transaction Analysis developer of enterprise system management software that provides ($ in millions) LTM Purchase Price (Equity) $2,382.9 solutions for common IT challenges. Income Statement 3/31/12 Total Rights/Warrants/Options $149.0  On June 30, 2012 Dell, Inc. (NasdaqGS:DELL) announced that it had Revenue $881.5 Minority Interest $34.9 entered into a definitive agreement to acquire Quest Software for approximately $2.4 billion, which represents an offer price of EBITDA $160.3 Net Assumed Liabilities ($159.1) $27.50 per share of common stock. Net Income $43.3 Implied Enterprise Value $2,407.7  The offer from Dell was deemed by Quest Software’s Board of As of Directors to represent a superior offer to the Company’s previously Balance Sheet 3/31/12 Implied Purchase Multiples announced merger agreement with Insight Venture Partners. Cash $263.2 Revenue 2.7x  The proposed combination will add critical components to Dell’s Debt $104.1 EBITDA 15.0x enterprise software solutions, including systems management, security and data protection. Net Debt ($159.1) Net Income NM HYDE PARK CAPITAL 7 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 8. M&A Activity by Technology Sector U.S. Middle Market M&A Activity by Technology Sector: VOLUME % Change 53 Software 36% 34 49 Internet 16% 41 26 IT Services 73% 7 43 Technology Hardware 19% 35 0 10 20 30 40 50 60 1H 2011 1H 2012 U.S. Middle Market M&A Activity by Technology Sector: VALUE % Change ($ in millions) $9.6 Software 51% $4.7 $3.9 Internet 13% $4.4 $2.8 IT Services 79% $0.6 $6.1 2% Technology Hardware $6.0 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 1H 2011 1H 2012 Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion) HYDE PARK CAPITAL 8 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 9. Private Equity Activity – Technology Commentary Select Private Equity Transactions (Q2 2012) ($ in millions) Transaction  With financing markets cooperating, financial sponsors remained Announced Date Target Buyer Industry Value active investors across all sectors of the Technology industry in the 06/27/12 Active Internet Technologies, LLC Spectrum Equity Investors Internet $55 2nd quarter of 2012, as shown in the table on the right. 06/14/12 Bullhorn, Inc. Vista Equity Partners Internet NA 06/06/12 Plex Systems, Inc. Francisco Partners Management Internet NA  Several notable private equity backed transactions were 05/30/12 Infogix, Inc. H.I.G. Capital Software NA announced during Q2 2012 including GTCR’s acquisition of CAMP 05/10/12 Spectralink Corp. Sun Capital Partners Technology Hardware $114 Systems International, Inc., a provider of aircraft maintenance 05/10/12 CAMP Systems International, Inc. GTCR Internet $675 tracking software, for $675 million; and The Gores Group buyout 05/03/12 Ajubeo, LLC Grey Mountain Partners Internet NA of Elo TouchSystems, Inc. a developer and manufacturer of touch screen products, for $380 million. 04/18/12 Help/Systems, LLC Summit Partners Software NA Openwave Systems, Inc. (Mediation and 04/16/12 Marlin Equity Partners Internet $50 Messaging Product Businesses)  During the 1st half of 2012 financial sponsors participated in 10% 04/10/12 Elo TouchSystems, Inc. The Gores Group Technology Hardware $380 of completed deals and accounted for 15% of total transaction 04/10/12 Network Instruments, LLC Thoma Bravo Technology Hardware NA value, which is consistent with 1H 2011. 04/05/12 Legacy.com, Inc. Great Hill Partners Internet NA 04/02/12 MSDSonline, Inc. ICG Group Internet $48 Financial Sponsors vs. Strategic Buyers Select Private Placements (Q2 2012) ($ in millions) Transaction Announced Date Target Lead Investor(s) Industry Value 06/29/12 DocuSign, Inc. Kleiner, Perkins, Caufield & Byers Internet $56 Total Transaction Value ($ in billions) 06/28/12 Rocket Fuel, Inc. Northgate Capital Group Internet $50 Total Transaction Volume 06/20/12 Bromium, Inc. Highland Capital Partners Software $27 06/12/12 Message Systems, Inc. LLR Partners Software $32 06/07/12 GoHealth, LLC Norwest Equity Partners Internet $50 06/05/12 Donuts, Inc. Austin Ventures Internet $100 05/23/12 10gen, Inc. New Enterprise Associates Internet $50 Goldman Sachs Group (Merchant 05/21/12 AnchorFree, Inc. Internet $52 Banking Division) 05/17/12 Pinterest Bessemer Venture Partners Internet $100 05/16/12 Fotolia, LLC Kohlberg Kravis Roberts & Co. Internet $150 Accel Management Co, Inc. / 05/15/12 Qualtrics, Inc. Internet $70 Sequoia Capital 05/11/12 Utopia, Inc. FTV Capital IT Services $50 Financial Sponsor Strategic Buyer Financial Sponsor Strategic Buyer 04/19/12 Evernote Corp. MeriTech Capital Partners Internet $70 Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion) HYDE PARK CAPITAL 9 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 10. Industry Sector Overview – Recent Stock Price Performance Commentary Enterprise Software  The charts included on the following pages detail the recent stock 130% price performance by sector for the leading public companies within the Technology industry for the 12-month period ended 120% June 30, 2012. The shaded section is the most recent 3-month 110% period (Q2). 3.1% 100%  The Technology Hardware and Internet indices delivered the strongest gains in the Technology industry for the 12-month 90% 5.4% period ending June 30, 2012, increasing 19.8% and 9.3%, respectively. 80% 70%  Due to mixed earnings reports by public companies in the Technology industry and increased volatility in the market, all 60% sector indices of the Technology industry decreased during Q2 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 2012. S&P 500 Enterprise Software Software-as-a-Service (SaaS) Infrastructure Software 130% 130% 120% 120% 110% 110% 3.1% 3.1% 100% 100% 0.3% 90% 90% 5.8% 80% 80% 70% 70% 60% 60% Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 S&P 500 Software-as-a-Service (SaaS) S&P 500 Infastructure Software Source: S&P Capital IQ HYDE PARK CAPITAL 10 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 11. Industry Sector Overview – Recent Stock Price Performance Informatics & Data Services Internet 130% 130% 120% 120% 9.3% 110% 110% 3.1% 100% 100% 3.1% 90% 6.0% 90% 80% 80% 70% 70% 60% 60% Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 S&P 500 Inormatics & Data Services S&P 500 Internet IT Services Technology Hardware 130% 140% 120% 130% 120% 19.8% 110% 3.1% 110% 100% 3.1% 100% 90% 7.4% 90% 80% 80% 70% 70% 60% 60% Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 S&P 500 IT Services S&P 500 Tehnology Hardware Source: S&P Capital IQ HYDE PARK CAPITAL 11 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 12. Industry Sector Overview – Public Company Analysis Enterprise Software ($ in millions, except per share) Enterprise Resource Planning Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Oracle Corp. ORCL $29.70 87.0% $151,322 $137,519 $37,121 $29,263 $16,050 78.8% 43.2% 3.7x 8.6x SAP AG DB:SAP $59.36 85.3% $70,465 $71,052 $19,214 $13,758 $6,882 71.6% 35.8% 3.7x 10.3x Sage Group plc LSE:SGE $4.35 88.5% $5,747 $5,552 $2,138 $2,004 $620 93.7% 29.0% 2.6x 9.0x NetSuite, Inc. N $54.77 99.9% $3,719 $3,568 $252 $177 ($17) 70.0% (6.8%) 14.1x* NM Deltek, Inc. PROJ $11.59 99.6% $755 $871 $343 $220 $50 64.0% 14.6% 2.5x 17.3x Exact Holding NV ENXTAM:EXACT $21.86 81.0% $499 $434 $280 $111 $64 39.6% 22.9% 1.5x 6.8x Average 90.2% $38,751 $36,499 $9,891 $7,589 $3,942 69.6% 23.1% 2.8x 10.4x Median 87.8% $4,733 $4,560 $1,240 $1,112 $342 70.8% 26.0% 2.6x 9.0x Supply/Demand Chain Management Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Ariba, Inc. ARBA $44.76 98.4% $4,191 $3,995 $502 $330 $41 65.8% 8.1% 8.0x NM JDA Software Group, Inc. JDAS $29.69 85.2% $1,270 $1,257 $672 $406 $165 60.4% 24.5% 1.9x 7.6x Manhattan Associates, Inc. MANH $45.71 89.6% $966 $869 $349 $204 $76 58.6% 21.7% 2.5x 11.5x SciQuest, Inc. SQI $17.96 99.1% $405 $345 $55 $41 $7 73.4% 12.1% 6.2x 51.8x Average 93.1% $1,708 $1,617 $394 $245 $72 64.6% 16.6% 4.6x 23.6x Median 94.0% $1,118 $1,063 $425 $267 $58 63.1% 16.9% 4.4x 11.5x Customer Relationship Management Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Oracle Corp. ORCL $29.70 87.0% $151,322 $137,519 $37,121 $29,263 $16,050 78.8% 43.2% 3.7x 8.6x SAP AG DB:SAP $59.36 85.3% $70,465 $71,052 $19,214 $13,758 $6,882 71.6% 35.8% 3.7x 10.3x Salesforce.com CRM $138.26 83.9% $18,869 $18,709 $2,458 $1,920 $106 78.1% 4.3% 7.6x NM Amdocs, Ltd. DOX $29.72 91.8% $5,266 $4,371 $3,230 $1,147 $596 35.5% 18.5% 1.4x 7.3x NetSuite, Inc. N $54.77 99.9% $3,719 $3,568 $252 $177 ($17) 70.0% (6.8%) 14.1x* NM Comverse Technology, Inc. CMVT $5.82 74.6% $1,230 $1,463 $1,589 $844 $145 53.1% 9.2% 0.9x 10.1x Pegasystems, Inc. PEGA $32.98 69.4% $1,300 $1,212 $425 $259 $27 60.9% 6.5% 2.8x NM CSG Systems International, Inc. CSGS $17.28 88.2% $568 $685 $737 $372 $165 50.5% 22.4% 0.9x 4.1x Average 85.0% $31,593 $29,822 $8,128 $5,967 $2,994 62.3% 16.6% 3.0x 8.1x Source: S&P Capital IQ *Excluded from average and median calculation. Median 86.2% $4,493 $3,969 $2,023 $995 $155 65.5% 13.8% 2.8x 8.6x HYDE PARK CAPITAL 12 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 13. Industry Sector Overview – Public Company Analysis Enterprise Software ($ in millions, except per share) Human Capital Management Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Concur Technologies, Inc. CNQR $68.10 98.3% $3,687 $3,457 $393 $282 $53 71.6% 13.6% 8.8x 64.8x The Ultimate Software Group, Inc. ULTI $88.93 97.3% $2,481 $2,420 $283 $160 $28 56.4% 9.9% 8.6x 86.7x Cornerstone OnDemand, Inc. CSOD $23.81 100.0% $1,156 $1,074 $81 $58 ($21) 71.0% (25.5%) 13.2x NM Kenexa Corp. KNXA $29.03 85.6% $771 $722 $301 $180 $26 59.7% 8.5% 2.4x 28.2x Vocus, Inc. VOCS $18.60 55.2% $352 $404 $138 $111 ($4) 80.3% (3.1%) 2.9x NM Average 87.3% $1,689 $1,615 $239 $158 $16 67.8% 0.7% 7.2x 59.9x Median 97.3% $1,156 $1,074 $283 $160 $26 71.0% 8.5% 8.6x 64.8x Content Management Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Adobe Systems, Inc. ADBE $32.37 93.1% $16,192 $14,704 $4,335 $3,875 $1,492 89.4% 34.4% 3.4x 9.9x Open Text Corp. OTEX $49.90 69.0% $2,928 $3,024 $1,187 $861 $325 72.5% 27.4% 2.5x 9.3x Synchronoss Technologies, Inc. SNCR $18.47 47.5% $717 $596 $241 $130 $40 54.1% 16.7% 2.5x 14.8x LogMeIn, Inc. LOGM $30.52 68.4% $779 $586 $125 $114 $16 90.8% 12.8% 4.7x 36.5x Average 69.5% $5,154 $4,727 $1,472 $1,245 $468 76.7% 22.8% 3.3x 17.6x Median 68.7% $1,853 $1,810 $714 $495 $183 80.9% 22.0% 3.0x 12.3x Business Intelligence/Analytics Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Teradata Corp. TDC $72.01 90.1% $12,375 $11,683 $2,469 $1,359 $566 55.0% 22.9% 4.7x 20.6x TIBCO Software, Inc. TIBX $29.92 86.3% $5,126 $5,034 $992 $724 $225 73.0% 22.7% 5.1x 22.3x Informatica Corp. INFA $42.36 67.9% $4,772 $4,206 $812 $685 $183 84.4% 22.5% 5.2x 23.0x Qlik Technologies, Inc. QLIK $22.12 62.1% $1,923 $1,717 $337 $301 $21 89.5% 6.1% 5.1x NM MicroStrategy, Inc. MSTR $129.86 72.7% $1,439 $1,227 $585 $437 $28 74.7% 4.7% 2.1x NM Average 75.8% $5,127 $4,773 $1,039 $701 $205 75.3% 15.8% 4.4x 22.0x Median 72.7% $4,772 $4,206 $812 $685 $183 74.7% 22.5% 5.1x 22.3x Source: S&P Capital IQ HYDE PARK CAPITAL 13 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 14. Industry Sector Overview – Public Company Analysis Software-as-a-Service (SaaS) ($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Salesforce.com CRM $138.26 83.9% $18,869 $18,709 $2,458 $1,920 $106 78.1% 4.3% 7.6x NM NetSuite, Inc. N $54.77 99.9% $3,719 $3,568 $252 $177 ($17) 70.0% (6.8%) 14.1x* NM athenahealth, Inc. ATHN $79.17 90.8% $2,903 $2,748 $376 $230 $50 61.1% 13.4% 7.3x 54.6x The Ultimate Software Group, Inc. ULTI $88.93 97.3% $2,481 $2,420 $283 $160 $28 56.4% 9.9% 8.6x NM Compuware Corp. CPWR $9.30 90.1% $2,065 $2,018 $1,006 $666 $176 66.2% 17.5% 2.0x 11.4x Blackbaud, Inc. BLKB $25.67 75.5% $1,138 $1,092 $379 $217 $68 57.2% 18.0% 2.9x 16.0x Cornerstone OnDemand, Inc. CSOD $23.81 100.0% $1,156 $1,074 $81 $58 ($21) 71.0% (25.5%) 13.2x* NM OpenTable, Inc. OPEN $45.01 49.5% $1,085 $1,027 $145 $105 $43 72.2% 29.8% 7.1x 23.7x Kenexa Corp. KNXA $29.03 85.6% $771 $722 $301 $180 $26 59.7% 8.5% 2.4x 28.2x Synchronoss Technologies, Inc. SNCR $18.47 47.5% $717 $596 $241 $130 $40 54.1% 16.7% 2.5x 14.8x LogMeIn, Inc. LOGM $30.52 68.4% $779 $586 $125 $114 $16 90.8% 12.8% 4.7x 36.5x Demandware, Inc. DWRE $23.69 74.1% $548 $443 $61 $40 $1 66.0% 2.3% 7.3x NM Constant Contact, Inc. CTCT $17.86 55.5% $556 $413 $224 $160 $24 71.3% 10.9% 1.8x 16.9x Vocus, Inc. VOCS $18.60 55.2% $352 $404 $138 $111 ($4) 80.3% (3.1%) 2.9x NM Bazaarvoice, Inc. BV $18.20 86.3% $481 $355 $106 $70 ($21) 65.7% (19.4%) 3.3x NM SciQuest, Inc. SQI $17.96 99.1% $405 $345 $55 $41 $7 73.4% 12.1% 6.2x 51.8x Average 78.7% $2,376 $2,282 $389 $274 $33 68.4% 6.3% 4.8x 28.2x Median 84.8% $932 $874 $233 $145 $25 68.1% 10.4% 4.0x 23.7x Source: S&P Capital IQ *Excluded from average and median calculation. HYDE PARK CAPITAL 14 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 15. Industry Sector Overview – Public Company Analysis Infrastructure Software ($ in millions, except per share) Enterprise IT Management Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA VMware, Inc. VMW $91.04 76.6% $39,490 $34,593 $4,180 $3,511 $1,075 84.0% 25.7% 8.3x 32.2x Citrix Systems, Inc. CTXS $83.94 95.4% $15,895 $14,597 $2,389 $2,121 $592 88.8% 24.8% 6.1x 24.7x CA Technologies CA $27.09 96.8% $13,193 $11,943 $4,814 $4,174 $1,729 86.7% 35.9% 2.5x 6.9x Red Hat, Inc. RHT $56.48 90.0% $11,091 $10,272 $1,183 $1,001 $262 84.6% 22.1% 8.7x 39.2x BMC Software, Inc. BMC $42.68 75.5% $7,375 $6,636 $2,172 $1,603 $675 73.8% 31.1% 3.1x 9.8x TIBCO Software, Inc. TIBX $29.92 86.3% $5,126 $5,034 $992 $724 $225 73.0% 22.7% 5.1x 22.3x SolarWinds, Inc. SWI $43.56 89.6% $3,273 $3,090 $233 $218 $114 93.4% 48.7% 13.2x* 27.2x Quest Software, Inc. QSFT $27.81 99.4% $2,405 $2,281 $881 $780 $160 88.5% 18.2% 2.6x 14.2x Compuware Corp. CPWR $9.30 90.1% $2,065 $2,018 $1,006 $666 $176 66.2% 17.5% 2.0x 11.4x Pegasystems, Inc. PEGA $32.98 69.4% $1,300 $1,212 $425 $259 $27 60.9% 6.5% 2.8x NM Progress Software Corp. PRGS $20.87 79.4% $1,349 $1,021 $504 $415 $95 82.3% 18.8% 2.0x 10.8x Average 86.2% $9,324 $8,427 $1,707 $1,407 $466 80.2% 24.7% 4.3x 19.9x Median 89.6% $5,126 $5,034 $1,006 $780 $225 84.0% 22.7% 3.0x 18.3x Data Storage Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA EMC Corp. EMC $25.63 85.4% $56,771 $53,237 $20,494 $12,649 $4,850 61.7% 23.7% 2.6x 11.0x Teradata Corp. TDC $72.01 90.1% $12,375 $11,683 $2,469 $1,359 $566 55.0% 22.9% 4.7x 20.6x Iron Mountain, Inc. IRM $32.96 92.1% $6,219 $9,503 $3,015 $1,767 $934 58.6% 31.0% 3.2x 10.2x NetApp, Inc. NTAP $31.82 58.3% $12,228 $8,095 $6,233 $3,713 $940 59.6% 15.1% 1.3x 8.6x CommVault Systems, Inc. CVLT $49.57 89.3% $2,340 $2,040 $407 $353 $54 86.9% 13.2% 5.0x 37.9x Average 83.1% $17,987 $16,911 $6,524 $3,968 $1,469 64.4% 21.2% 3.4x 17.7x Median 89.3% $12,228 $9,503 $3,015 $1,767 $934 59.6% 22.9% 3.2x 11.0x Source: S&P Capital IQ *Excluded from average and median calculation. HYDE PARK CAPITAL 15 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 16. Industry Sector Overview – Public Company Analysis Infrastructure Software ($ in millions, except per share) Security Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Symantec Corp. SYMC $14.61 73.1% $10,928 $9,834 $6,730 $5,739 $1,797 85.3% 26.7% 1.5x 5.5x Check Point Software Technologies, Ltd. CHKP $49.59 76.3% $10,525 $9,154 $1,307 $1,156 $739 88.4% 56.6% 7.0x 12.4x VeriSign, Inc. VRSN $43.57 99.0% $7,172 $6,479 $796 $631 $427 79.2% 53.6% 8.1x 15.2x Fortinet, Inc. FTNT $23.22 80.6% $3,820 $3,392 $458 $336 $98 73.5% 21.4% 7.4x 34.6x Trend Micro, Inc. TSE:4704 $29.26 81.0% $3,854 $2,568 $1,153 $940 $399 81.5% 34.6% 2.2x 6.4x Sourcefire, Inc. FIRE $51.40 86.2% $1,533 $1,383 $181 $140 $15 77.1% 8.5% 7.6x NM Websense, Inc. WBSN $18.73 67.3% $745 $745 $365 $306 $72 83.8% 19.7% 2.0x 10.3x Average 82.8% $3,425 $2,913 $591 $471 $202 79.0% 27.6% 5.5x 16.6x Median 81.0% $3,820 $2,568 $458 $336 $98 79.2% 21.4% 7.4x 12.8x Source: S&P Capital IQ HYDE PARK CAPITAL 16 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 17. Industry Sector Overview – Public Company Analysis Informatics & Data Services ($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Thomson Reuters Corp. TSX:TRI $28.40 79.7% $23,627 $30,972 $13,831 $4,413 $3,332 31.9% 24.1% 2.2x 9.3x Experian plc LSE:EXPN $14.12 89.6% $14,209 $16,334 $4,487 $1,994 $1,495 44.4% 33.3% 3.6x 10.9x Moody's Corp. MCO $36.55 84.9% $8,348 $8,835 $2,350 $1,642 $1,000 69.9% 42.6% 3.8x 8.8x IHS, Inc. IHS $107.73 99.9% $7,141 $7,720 $1,439 $837 $294 58.1% 20.5% 5.4x 26.2x Wolters Kluwer NV ENXTAM:WKL $15.88 79.9% $4,789 $7,686 $4,357 $2,918 $1,083 67.0% 24.9% 1.8x 7.1x Equifax, Inc. EFX $46.60 97.0% $5,738 $6,609 $2,010 $1,232 $654 61.3% 32.6% 3.3x 10.1x Informa plc LSE:INF $5.96 83.8% $3,595 $4,820 $1,985 $737 $556 37.1% 28.0% 2.4x 8.7x Gartner, Inc. IT $43.05 95.7% $4,220 $4,331 $1,508 $886 $244 58.8% 16.2% 2.9x 17.8x Dun & Bradstreet Corp. DNB $71.17 82.3% $3,475 $4,204 $1,758 $1,164 $520 66.2% 29.6% 2.4x 8.1x FactSet Research Systems, Inc. FDS $92.94 85.1% $4,300 $4,058 $790 $521 $295 66.0% 37.4% 5.1x 13.7x Aegis Group plc LSE:AGS $2.53 85.8% $3,097 $3,277 $1,767 $1,724 $320 97.6% 18.1% 1.9x 10.2x UBM plc LSE:UBM $9.17 90.8% $2,272 $3,133 $1,513 $337 $334 22.3% 22.1% 2.1x 9.4x NeuStar, Inc. NSR $33.40 86.3% $2,431 $2,836 $674 $522 $281 77.5% 41.8% 4.2x 10.1x CoreLogic, Inc. CLGX $18.31 98.0% $1,947 $2,462 $1,441 $570 $259 39.5% 18.0% 1.7x 9.5x Morningstar, Inc. MORN $57.84 90.4% $2,946 $2,504 $640 $449 $180 70.1% 28.1% 3.9x 13.9x Fair Isaac Corp. FICO $42.28 94.0% $1,610 $1,931 $641 $454 $190 70.8% 29.7% 3.0x 10.2x Ipsos SA ENXTPA:IPS $29.42 68.3% $1,124 $1,901 $1,771 $1,133 $238 64.0% 13.4% 1.1x 8.0x Acxiom Corp. ACXM $15.11 99.8% $1,215 $1,264 $1,131 $261 $236 23.1% 20.8% 1.1x 5.4x Forrester Research, Inc. FORR $33.86 85.1% $784 $540 $288 $183 $49 63.6% 16.9% 1.9x 11.1x Average 88.2% $5,098 $6,075 $2,336 $1,157 $609 57.3% 26.2% 2.8x 11.0x Median 86.3% $3,475 $4,058 $1,513 $837 $295 63.6% 24.9% 2.4x 10.1x Source: S&P Capital IQ HYDE PARK CAPITAL 17 Investment Banking | Mergers & Acquisitions | Capital Raising
  • 18. Industry Sector Overview – Public Company Analysis Internet ($ in millions, except per share) Online Content and Search Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Google, Inc. GOOG $580.07 86.5% $190,064 $155,063 $43,162 $27,279 $15,332 63.2% 35.5% 3.6x 10.1x Yahoo!, Inc. YHOO $15.83 94.3% $19,585 $17,848 $4,980 $3,448 $1,306 69.2% 26.2% 3.6x 13.7x Scripps Networks Interactive, Inc. SNI $56.86 98.5% $9,235 $10,385 $2,127 $1,385 $996 65.1% 46.8% 4.9x 10.4x IAC/InterActiveCorp. IACI $45.60 86.4% $4,212 $3,468 $2,435 $1,568 $357 64.4% 14.7% 1.4x 9.7x Yelp, Inc. YELP $22.73 71.1% $1,257 $1,126 $94 $87 ($14) 92.8% (14.3%) 12.0x* NM Monster Worldwide, Inc. MWW $8.31 54.3% $1,015 $976 $1,025 $523 $145 51.0% 14.2% 1.0x 6.7x WebMD Health Corp. WBMD $20.51 41.7% $1,164 $822 $534 $327 $96 61.3% 18.0% 1.5x 8.5x Angie's List, Inc. ANGI $15.84 79.9% $720 $658 $119 $89 ($54) 74.4% (45.5%) 5.5x NM Average 76.6% $28,406 $23,793 $6,809 $4,338 $2,271 67.7% 12.0% 3.1x 9.9x Median 83.2% $2,734 $2,297 $1,576 $954 $251 64.7% 16.3% 3.6x 9.9x Software & Services Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Akamai Technologies, Inc. AKAM $31.75 81.1% $5,883 $5,479 $1,202 $876 $504 72.9% 41.9% 4.6x 10.9x Rovi Corp. ROVI $19.62 33.1% $2,133 $2,701 $713 $599 $237 83.9% 33.2% 3.8x 11.4x ValueClick, Inc. VCLK $16.39 75.0% $1,337 $1,335 $596 $347 $170 58.2% 28.4% 2.2x 7.9x Digital River, Inc. DRIV $16.62 48.7% $606 $259 $402 $338 $58 84.0% 14.3% 0.6x 4.5x Average 59.5% $2,490 $2,443 $728 $540 $242 74.7% 29.5% 2.8x 8.7x Median 61.8% $1,735 $2,018 $655 $473 $203 78.4% 30.8% 3.0x 9.4x e-Commerce Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/12 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Amazon.com, Inc. AMZN $228.35 92.6% $105,326 $99,611 $51,405 $11,698 $1,815 22.8% 3.5% 1.9x NM eBay, Inc. EBAY $42.01 95.6% $54,989 $51,317 $13,021 $9,104 $3,758 69.9% 28.9% 3.9x 13.7x priceline.com, Inc. PCLN $664.52 85.7% $34,062 $32,068 $4,584 $3,317 $1,547 72.4% 33.7% 7.0x 20.7x Expedia, Inc. EXPE $48.07 73.1% $6,670 $6,028 $3,538 $2,752 $669 77.8% 18.9% 1.7x 9.0x Netflix, Inc. NFLX $68.49 22.5% $3,888 $3,475 $3,456 $1,077 $228 31.2% 6.6% 1.0x 15.2x Vistaprint N.V. VPRT $32.30 64.6% $1,319 $1,393 $979 $637 $117 65.1% 11.9% 1.4x 11.9x Shutterfly, Inc. SFLY $30.69 47.6% $1,124 $980 $507 $267 $45 52.7% 8.8% 1.9x 21.9x Blue Nile, Inc. NILE $29.71 59.4% $428 $367 $351 $70 $15 20.1% 4.3% 1.0x 24.2x Average 67.6% $25,976 $24,405 $9,730 $3,615 $1,024 51.5% 14.6% 2.5x 16.7x Source: S&P Capital IQ *Excluded from average and median calculation. Median 68.9% $5,279 $4,751 $3,497 $1,915 $449 58.9% 10.4% 1.8x 15.2x HYDE PARK CAPITAL 18 Investment Banking | Mergers & Acquisitions | Capital Raising